The Global Coconut Milk Powder Market size is expected to reach $140.8 million by 2031, rising at a market growth of 9.7% CAGR during the forecast period. In the year 2023, the market attained a volume of 2,973.2 Tonnes experiencing a growth of 13.3% (2020-2023).
The Asia Pacific region generated 41% revenue share in the coconut milk powder market in 2023. Countries such as Indonesia, Thailand, and the Philippines are among the largest producers and consumers of coconut-based products, where coconut milk powder is widely used in traditional cuisines. Thus, the region consumed a volume of 1,877.2 Tonnes in 2023.
The global trend towards health consciousness is a significant driver for this market. As consumers become more aware of the importance of nutrition and wellness, they actively seek out products offering health benefits. This powder, known for its rich nutritional profile, is gaining popularity as a healthy alternative to traditional dairy products and other plant-based milk options. In conclusion, increasing consumer awareness of health benefits propels the market's growth.
Additionally, the global shift towards veganism and vegetarianism significantly impacts the food and beverage industry. As more individuals adopt plant-based diets for health, ethical, and environmental reasons, the demand for alternative food products that align with these dietary preferences is rapidly increasing. This growing population of vegans and vegetarians drives the demand for this powder, a versatile and nutritious alternative to animal-derived ingredients. Therefore, the expansion of the vegan and vegetarian population, accelerating market demand, is propelling the market's growth.
However, The production of this powder involves several stages, including harvesting coconuts, extracting coconut milk, drying processes, and packaging. Each of these stages contributes to the overall production costs. High production costs can pose significant challenges for manufacturers in this market, impacting pricing strategies and overall profitability. Thus, the high production costs of this powder are hampering its growth.
The Asia Pacific region generated 41% revenue share in the coconut milk powder market in 2023. Countries such as Indonesia, Thailand, and the Philippines are among the largest producers and consumers of coconut-based products, where coconut milk powder is widely used in traditional cuisines. Thus, the region consumed a volume of 1,877.2 Tonnes in 2023.
The global trend towards health consciousness is a significant driver for this market. As consumers become more aware of the importance of nutrition and wellness, they actively seek out products offering health benefits. This powder, known for its rich nutritional profile, is gaining popularity as a healthy alternative to traditional dairy products and other plant-based milk options. In conclusion, increasing consumer awareness of health benefits propels the market's growth.
Additionally, the global shift towards veganism and vegetarianism significantly impacts the food and beverage industry. As more individuals adopt plant-based diets for health, ethical, and environmental reasons, the demand for alternative food products that align with these dietary preferences is rapidly increasing. This growing population of vegans and vegetarians drives the demand for this powder, a versatile and nutritious alternative to animal-derived ingredients. Therefore, the expansion of the vegan and vegetarian population, accelerating market demand, is propelling the market's growth.
However, The production of this powder involves several stages, including harvesting coconuts, extracting coconut milk, drying processes, and packaging. Each of these stages contributes to the overall production costs. High production costs can pose significant challenges for manufacturers in this market, impacting pricing strategies and overall profitability. Thus, the high production costs of this powder are hampering its growth.
Driving and Restraining Factors
Drivers
- Increasing Consumer Awareness Of Health Benefits
- Expansion Of The Vegan And Vegetarian Population Accelerating Market Demand
- Growth In The Food And Beverage Industry Enhancing Coconut Milk Powder Market
Restraints
- High Production Costs Of The Coconut Milk Powder Market
- Allergic Reactions And Sensitivities To Coconut
Opportunities
- Leveraging The Popularity Of Asian Cuisine Globally
- Capitalizing On The Demand For Sustainable And Ethical Products
Challenges
- Competition From Other Plant-Based Milk Alternatives
- Limited Shelf Life And Storage Concerns
Product Outlook
Based on product, this market is divided into conventional and organic. The organic segment witnessed 28% revenue share in this market in 2023. This segment is characterized by its emphasis on natural ingredients, environmentally friendly production methods, and consumer demand for clean label products. As awareness of health and wellness increases, consumers are actively seeking organic food options, including coconut milk powder. In terms of volume, the segment would register 2,973.2 Tonnes in 2023.Application Outlook
On the basis of application, this market is segmented into food and beverage. In 2023, the beverage segment attained 33% revenue share in this market. This growth is fuelled by the rising popularity of plant-based drinks and the increasing consumer preference for dairy alternatives. Coconut milk powder is often used in smoothies, protein shakes, and ready-to-drink beverages, providing a creamy consistency and tropical flavour profile that appeals to health-conscious consumers.
Distribution Channel Outlook
By distribution channel, this market is divided into offline and online. The online segment procured 25% revenue share in this market in 2023. The rise of e-commerce platforms has revolutionized how consumers purchase food products, offering unparalleled convenience, variety, and competitive pricing. Online shopping has surged in popularity, especially after the pandemic, as consumers increasingly sought contactless purchasing options and home delivery services. In terms of volume, the segment would register 2,973.2 Tonnes in 2023.Regional Outlook
Region-wise, this market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region witnessed 28% revenue share in this market in 2023. The rise of veganism, vegetarianism, and the awareness surrounding lactose intolerance have led consumers to seek out dairy substitutes, significantly boosting the popularity of coconut milk powder.List of Key Companies Profiled
- Nestle S.A.
- Associated British Foods PLC (Wittington Investments Limited)
- Danone S.A.
- McCormick & Company, Inc.
- GraceKennedy Limited
- Bramble Berry, Inc.
- BareOrganics
- King Arthur Flour Company, Inc.
- Healthworks
- Cocomi Bio Organic
Market Report Segmentation
By Product (Volume, Tonnes, USD Million, 2020-2031)
- Conventional
- Organic
By Application (Volume, Tonnes, USD Million, 2020-2031)
- Food
- Beverages
By Distribution Channel (Volume, Tonnes, USD Million, 2020-2031)
- Offline
- Online
By Geography (Volume, Tonnes, USD Million, 2020-2031)
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Global Coconut Milk Powder Market by Product
Chapter 5. Global Coconut Milk Powder Market by Application
Chapter 6. Global Coconut Milk Powder Market by Distribution Channel
Chapter 7. Global Coconut Milk Powder Market by Region
Chapter 8. Company Profiles
Companies Mentioned
- Nestle S.A.
- Associated British Foods PLC (Wittington Investments Limited)
- Danone S.A.
- McCormick & Company, Inc.
- GraceKennedy Limited
- Bramble Berry, Inc.
- BareOrganics
- King Arthur Flour Company, Inc.
- Healthworks
- Cocomi Bio Organic
Methodology
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